2017-07-24 :Government constitutes Feedback and Action Room to monitor information on GST
In a bid to reply to the queries of the taxpayers and tax officials and to deal with issues related to the implementation of Goods and Services Tax Network (GSTN), Government has constituted a GST Feedback and Action Room (FAR). The FAR has been framed to review the information and media inputs received from various government departments and social media to report them on a real-time basis which will be forwarded to the respective sections for feedback.
2017-07-24 :Axis Bank launches digital invoice discounting platformfor MSMEs
Private sector lender, Axis Bank has launched its digital invoice discounting platform, Invoicemart to improve access of funds to micro, small and medium sector enterprises (MSMEs).The platform will enable SMEs to post their receivables on the system and give allow them to avail finance as well as instil greater discipline amongst corporate to pay their dues on time.
2017-07-24 :Vijaya Bank reports 57 per cent growth in net profit at Rs. 255 crore
Vijaya Bank has reported a significant growth of 57 per cent in its net profit at Rs. 255 crore during the first quarter of FY18 as against Rs. 162 crore during the corresponding quarter of the previous fiscal year. Strong improvements in profits have been driven by repricing of the deposits and strong growth in the bank’s retail lending disbursals and portfolio.
2017-07-22 :Axis Bank set to deploy tech solutions of three startups from its accelerator project
Private sector lender, Axis Bank has selected three fintech startups from its accelerator programme ‘Thought Factory’ whose solutions it will incorporate across its business units. These three startups include Pally, FintechLabs and Gieom which provide tech solutions targeted at developing innovative solutions and products for bank customers.
2017-07-22 :SBI and Carlyle to jointly acquire GE Capital stake in SBI Card
State Bank of India and Carlyle Group have announced that they will acquire GE Capital’s entire 26 per cent stake in their credit card venture, SBI Card. For this purpose they have signed definitive agreements and have invested 250 million dollar to acquire the entire stake.The transaction between them is expected to close by the fourth quarter of FY17. Simultaneously, SBI also plans to issue secured credit cards for new credit card users by using fixed deposits as a security.
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